Finovate

SEPTEMBER 18, 2024

BaaS provider Synapse filed for Chapter 11 bankruptcy in April, leaving its clients, including Evolve Bank & Trust and multiple others, unable to verify and manage funds. In all, around $85 million in consumer funds are missing due to discrepancies in Synapse’s records.

Rules 52

Rules FDIC Non-Bank Money Laundering 52

Neopay

DECEMBER 20, 2023

Indicators for enhanced due diligence The NCA, in collaboration with other government agencies, has outlined red flags to assist businesses in identifying potential illicit activities. Purchases under a letter of credit consigned to the issuing bank: Not to the actual end user, with supporting documents not listing the actual end-user.

Due Diligence 52

Due Diligence End User Crime Financial Crimes 52

Neopay

JANUARY 25, 2024

The European Banking Authority (EBA) on 16th January extended its Guidelines on money laundering (ML) and terrorist financing (TF) risk factors to crypto-asset service providers (CASPs). Therefore, it is important that CASPs know about these risks and put in place measures that effectively mitigate them.

Service Provider 52

Service Provider Risk Due Diligence Money Laundering 52

Fintech News

JULY 17, 2024

The far-reaching study encompasses both crypto-native and non-crypto native methods, as well as strategies for prevention. The HKMA concluded that the bank failed to continuously monitor business relationships, conduct enhanced due diligence in high-risk situations for a period, and maintain proper records for some customers.

Money Laundering 97

Money Laundering Law Enforcement AML Non-Bank 97

The Fintech Times

OCTOBER 31, 2024

In a survey of 644 financial services professionals, WWF and Themis found that over 60 per cent said that a land conversion risk policy was either non-existent (45.7 This creates a risk if bad actors initiate illicit activity after onboarding with a bank. per cent) or not yet developed or in place (18.6 per cent) in their firm.

Crime 59

Crime Risk Financial Crimes Due Diligence 59

Global Fintech & Digital Assets

MARCH 5, 2024

Regulator sets out its expectations for banks looking to provide digital asset custody services, and sell and distribute tokenised products. All of this recent guidance aims to deliver more certainty for banks and securities firms seeking to capitalise on developments in digital assets and tokenisation. loyalty points, in-game assets).

Authorization 59

Authorization Product Due Diligence Procedures 59

Segpay

JANUARY 26, 2024

A - Audit Your Affiliates It only takes one bad merchant to take down an entire payment processor or bank, so knowing who you work with is essential. At a minimum, merchants should be gathering things like proper address information, bank account data, and valid identifications of their affiliates. We see it happen regularly.

Best Practices 84

Best Practices Push-to-Card Processors Due Diligence 84

The Fintech Times

JULY 20, 2024

Similarly, they must establish best practices for third-party risk associated with cloud service providers, outsourcing, and due diligence processes to increase transparency. The publications mark a significant step forward by providing a roadmap and helpful resources for banks of all sizes.

Treasury 59

Treasury FS-ISAC Consumer Financial Protection Bureau (CFPB) Due Diligence 59

Segpay

OCTOBER 4, 2023

These methods may include bank transfers, checks, PayPal, digital wallets, and more, depending on the options provided by the affiliate program or merchant. This lack of control can lead to affiliates engaging in unethical or non-compliant marketing activities. Non-compliance can result in fines and legal action.

Security 52

Security Due Diligence Compliance Payments 52

The Fintech Times

JANUARY 17, 2024

.” ‘AI has been a game-changer’ Tomas Navickas , CTO and co-founder of digital banking platform myTU , also added: “AI has been a game-changer for our fintech business, going beyond what traditional machine learning offers. As for now, it’s the transformation of our customer due diligence process.

AI 128

AI FinTech Underwriting Due Diligence 128

Fintech News

JUNE 5, 2024

Banks are starting to realise that because they’re not as agile as fintech providers, they need to tap into the providers’ expertise for innovation,” says Dr Patrick Thng, Principal Lecturer of Information Systems at Singapore Management University (SMU). explains Dr Thng, former CIO/MD of DBS Bank, World Bank and BNP Paribas.

FinTech 94

FinTech Mitigation Risk On-Demand 94

The Fintech Times

DECEMBER 26, 2023

Data from the Brazilian Central Bank indicates 8.1 As the Brazilian Central Bank works on introducing new features, such as automatic debit, a promising opportunity arises for fintech startups to innovate and address gaps in PIX’s capabilities, eventually adding more infrastructure core features.

B2B 64

B2B Due Diligence AI Central Bank 64

Fintech News

MAY 22, 2024

It includes a suite of financial and non-financial crime risk domains with hundreds of risk indicators and controls, though users can also integrate their own. The company’s clients span across 11 sectors, including banking, fintech, corporate services, and real estate, and 18 jurisdictions. Transparently.AI

Financial Crimes 71

Financial Crimes Crime APACS Risk Assessment 71

Fintech News

FEBRUARY 7, 2024

Netbank – US$344 million (Series A, Philippines) Filipino banking-as-a-service (BaaS) provider Netbank secured the largest funding round in Southeast Asia (excluding Singapore) last year, raising in May 2023 a US$344 million Series A funding round, data from KPMG and Pitchbook show. Soft Space – US$31.5 billion (US$79.6

FinTech 99

FinTech Online and Mobile Banking Non-Bank On-Demand 99

Fintech News

JANUARY 16, 2024

In 2024, the banking sector is witnessing a pivotal transformation driven by advanced technologies like AI and cloud computing, evolving customer demands, and changing regulatory landscapes. Accenture’s “ Banking Top 10 Trends ” report for this year highlights this transformative journey. Generative AI supercharges banking.

AI 101

AI Risk Non-Bank On-Demand 101

Fintech News

FEBRUARY 7, 2024

Netbank – US$344 million (Series A, Philippines) Filipino banking-as-a-service (BaaS) provider Netbank secured the largest funding round in Southeast Asia (excluding Singapore) last year, raising in May 2023 a US$344 million Series A funding round, data from KPMG and Pitchbook show. Soft Space – US$31.5 billion (US$79.6

FinTech 82

FinTech Online and Mobile Banking Non-Bank On-Demand 82

FICO

DECEMBER 21, 2018

Despite the Panama Papers leak of 2016 , and the Paradise Papers and Bahamas leaks that followed, some banks still didn’t get the message. To comply with tax regulations, it is a must for a bank to check customers against these lists to avoid non-compliance, a damaged reputation and the support of illegal activity.

Due Diligence 40

Due Diligence Database Non-Bank Compliance 40

FICO

FEBRUARY 11, 2019

The country’s financial and non-financial regulated institutions will be able to use the FICO ® TONBELLER™ Siron ™ KYC module to perform due diligence processes, in compliance with local laws and regulations, through APC Intelidat’s powerful technology infrastructure. “We

Financial Crimes 40

Financial Crimes Crime Due Diligence Money Laundering 40

The Fintech Times

DECEMBER 19, 2023

” AI and banks John Barber, vice president of Infosys Finacle Europe The primary learning from 2023 is that generative AI is bringing in a paradigm shift in how banks embrace AI, according to J ohn Barber , vice president of Infosys Finacle Europe. Many banks have had noteworthy pilots.

AI 78

AI Embedded Finance Due Diligence Finance 78

The Fintech Times

MARCH 6, 2024

The regulatory tides may be changing in the US, as the Office of the Comptroller of the Currency (OCC) suggests banks should be doing more to manage risks related to partnering with fintech firms.

OCC 69

OCC FinTech Non-Bank Regulations 69

The Fintech Times

MARCH 7, 2024

Just a stone’s throw away from the Houses of Parliament as Jeremy Hunt revealed his new Spring Budget, MoneyLive Summit returned to London with its annual offering of presentations, panel discussions and insights centred around all things banking and payments. And this leads to say, what else can we do from the bank’s perspective?

AI 64

AI Non-Bank Returns Due Diligence 64

Tearsheet

AUGUST 7, 2024

This therefore mitigates non-payment risk for our clients, as merchants, while simultaneously keeping business customers happy with access to credit, purchase larger amounts of inventory without draining cash, improving supply chain health and supporting growth. For instance, bank transactions are messy, complex, and context-dependent.

AI 59

AI B2B Finance Underwriting 59

The Fintech Times

JULY 15, 2024

The Central Bank of the UAE ( CBUAE ) has recently released the Payment Token Services Regulation under Circular 2/2024 ( Payment Token Services Regulation ), establishing a comprehensive regulatory framework for payment tokens. DIFC VASPs in DIFC are regulated by the DFSA, which introduced its crypto token regime on 1 November 2022.

Stablecoins 96

Stablecoins Regulations Multi-Currency Issuers 96

Global Fintech & Digital Assets

JANUARY 8, 2024

This blog post summarises the proposed Hong Kong regulatory framework set out in the Consultation Paper, and next steps for stablecoin issuers who may fall within scope of the proposed regime. licensed banks) in Hong Kong since they are already subject to prudential and ongoing holistic supervision by the HKMA.

Stablecoins 59

Stablecoins Consulting Issuers Non-Bank 59

Fintech News

JUNE 10, 2024

Yeshu Agarwal, 29, Co-Founder and CTO, Transak, India Yeshu Agarwal is the co-founder and CTO of Transak, a web3 payment gateway that simplifies the buying and selling of cryptocurrencies and non-fungible tokens (NFTs). Agarwal began his entrepreneurial journey at the age of 16, creating his first micro SaaS Android app.

FinTech 113

FinTech Non-Bank Finance AI 113

Stax

JANUARY 1, 2024

Different fluctuations and conditions include: Introductory rates: If the high-interest rate is an introductory offer—a proposal exclusively for the account opening—assess how long this rate applies and what the standard rate will be post-introductory period. All reputable banks in the U.S.

Accounts 88

Accounts Online and Mobile Banking API ATM 88

Global Fintech & Digital Assets

FEBRUARY 13, 2024

This blog post summarises the proposed regulatory framework set out in the Consultation Paper. large-cap VA) and stablecoins issued by HKMA-licensed stablecoin issuers under their forthcoming regime (see this Latham blog post ). VATPs are supervised by the Securities and Futures Commission (SFC). Certain regulated entities exempted.

Regulations 59

Regulations Money Laundering Stablecoins Consulting 59

Fintech News

JANUARY 24, 2024

The move aims to protect against financial crime and loss, particularly in digital fraud, and includes broadening DPT service definitions and enhancing Anti-Money Laundering (AML) protocols such as Customer Due Diligence and transaction monitoring. Sparrow Tech Private offers digital asset products and solutions.

Service Provider 98

Service Provider Cryptocurrency Payments Institute Stablecoins 98

Evolve Payment

JUNE 8, 2023

In order to sustain and grow operations, it is a part of due diligence for businesses to have a steady stream of income that can support a range of business activities. The post How Businesses Can Maximize Cash Flow and Improve Payment Collection Rates with Credit Cards appeared first on Evolve Payment.

Credit Cards 52

Credit Cards B2B Payments Commercial Card 52

EBizCharge

JUNE 20, 2024

13 accounts receivable best practices Adopting the best AR practices helps maintain consistent revenue, reducing the need for external financing and minimizing non-payment risk. This due diligence reduces the risk of bad debt and strengthens financial planning and risk management strategies.

Best Practices 52

Best Practices Accounts Disputes Procedures 52

FICO

MARCH 13, 2017

For many banks, KYC — Know Your Customer — means asking them how they intend to use a product, where the funds are coming from for their new account, etc. At the same time, the bank will check the customer against sanction lists, PEP (politically exposed persons) lists, and so forth. Should banks care? It’s not enough.

Money Laundering 45

Money Laundering Database Due Diligence BSA 45

Fintech Labs Insights

NOVEMBER 18, 2015

Alpha Payments Cloud’s AlphaHub offers banks, merchants and payment & risk product vendors unlimited vendor access and orchestration, using a single integration. Asseco Poland offers customers a tailored and satisfying banking experience for both internet and mobile banking systems.

Payment APIs and Integration 31

Payment APIs and Integration Non-Bank Multi-Currency Risk 31

Fintech Labs Insights

APRIL 17, 2017

Cadre undertakes all sourcing and due diligence on properties before presenting the opportunities to investors. Groundfloor is open to accredited and non-accredited investors in eight U.S. The post What’s in it for Me? The company focuses on commercial, retail, and multifamily properties in all major U.S.

Accreditation 19

Accreditation Technology Returns Due Diligence 19

Global Fintech & Digital Assets

OCTOBER 5, 2023

Coin Listing Policy Requirements Under the Proposed Guidance, a VCE need not seek prior DFS approval to list a coin that does not appear on DFS’s Greenlist via self-certification, so long as: DFS has approved the VCE’s coin-listing policy which meets DFS standards for self-certification of the listing of non-Greenlisted coins.

Stablecoins 52

Stablecoins Procedures Issuers Due Diligence 52

CB Insights

OCTOBER 31, 2017

Below is a time-staggered compilation of startup post-mortems for some of the most notable failures in the CB Insights database. Original 50 Startup Failure Post-Mortems (1/20/2014). We analyzed 100+ startup failure post-mortems and identified the top 20 reasons startups fail. 2017 Third Update (10/31/17). Product: Stayzilla.

Posting 78

Posting Product Online and Mobile Banking On-Demand 78

CB Insights

OCTOBER 29, 2018

On the eve of Yahoo’s acquisition of social networking platform Tumblr, then Yahoo CEO Marissa Mayer wrote a Tumblr post promising “not to screw it up.” Bank of America and Countrywide. Deutsche Bank and Bankers Trust. Even with the scandal, by buying Bankers Trust, Deutsche Bank became a global investment bank.

Acquirers 76

Acquirers Online and Mobile Banking Non-Bank Innovation 76

Finovate

APRIL 24, 2024

Here’s an overview of the new-to-Finovate demo companies currently on the roster: APIMatic APIMatic helps banks and fintechs generate ROI from their API investments via automation and AI solutions. Bloom Credit Bloom Credit helps banks and credit unions offer a deposit retention and credit building tool to their client base.

Payment APIs and Integration 59

Payment APIs and Integration Credit Union AI Advisors 59